On Dec. 20, the Vietnam's Ministry of Industry and Trade (MOIT) convened a conference in Hanoi reflecting on 2023's accomplishments and charting the course for continued progress in the Industry and Trade sector in 2024. Adding perspective to the dialogue was THACO President Pham Van Tai with his insightful propositions for future growth.

Despite navigating a challenging 2023 landscape like many businesses, THACO remained resolutely focused on its established goals and strategic vision. The corporation not only maintained its current operations but also strategically amplified its investments and operational scope to meet market demands and lay foundations for further expansion in years to come.

Specifically, THACO AUTO in 2023 sold more than 96,500 vehicles in total, down 25% year on year, yet securing a 36% share of the domestic automobile market. The firm also exported more than 2,500 vehicles, generating revenues more than $10 million. In 2024, it projects a sales figure of 112,500 vehicles, increasing its domestic market share to 40%. Its export target is more than 2,600 vehicles, and revenues expected at $27.8 million. THACO AUTO is actively collaborating with partners to develop new energy cars to provide smart, green, and clean products for the domestic and export markets.

In mechanics and supporting industries, THACO INDUSTRIES's 2023 revenues are estimated at nearly VND8,700 billion, down 20% year on year. Export revenue reached just over $105 million, a staggering 75% drop from 2022. In 2024, the company is expected to generate more than VND13,000 billion in revenues, including $250 million from exports.

In agriculture, THACO AGRI exported more than 130,000 tons of fresh fruits in 2023, bringing in $153 million in revenue. The company also sold 5,500 cattle heads and 254,000 pigs, earning approximately VND9,000 billion. In 2024, fruit export is expected to skyrocket to 380,000 tons, equivalent to nearly $300 million.

In THILOGI's logistics activities, Chu Lai port's total throughput reached 3.1 million tons, including 6,500 containers of fresh fruits, nearly 76,000 finished cars and more than 58,000 containers through domestic and international sea routes. In 2024, the port expects to handle nearly 5 million tons of cargo, up 61% compared to 2023, operate its new 50,000 ton terminal, construct Cua Lo channel to accommodate large tonnage ships and expand logistics network in Vietnam's Central Highlands, Laos, and Cambodia.

In construction and investment, THADICO invests in 1,200 hectares of industrial park land, develops transportation infrastructure and real estate projects. In 2024, THADICO continues its complex projects in HCM City, Long An and Dong Nai provinces in southern Vietnam and Hanoi in the north.

With the newest mall in Go Vap District, Ho Chi Minh City, THISO in 2023 boasts three vibrant locations. The company estimates to earn VND3,000 billion revenues from commercial services and Emart hypermarkets. Between 2024 and 2025, THISO will open 2 new malls - one in Hanoi and another in Dong Nai, and an integrated hotel and commercial center in Da Lat City.

The THACO President urged the Ministry of Industry and Trade to prioritize the inclusion of hybrid electric vehicles in their portfolio, alongside supportive policies, to drive the production and use of eco-friendly vehicles and contribute to Vietnam's goal of a 43.5% reduction in greenhouse gas emissions by 2030.

He also advocated for the Ministry of Industry and Trade's expedited finalization and submission of the Key Industrial Law within the 2024 legal development program. This, he asserted, would establish a robust legal framework, attracting business investment and promoting the development of a self-reliant domestic industry to foster industrialization and modernization.